The following article will cover:
- Reviewing Your Estate Regularly.
- Estate Planning and Probate Prevention.
- Asset Protection in Estate Planning.
How Often Do I Need To Review My Estate?
It is advisable to review your estate at least once a year – or anytime a significant event occurs. Even if you think nothing has changed, a deeper review may reveal alterations or modifications that need to be addressed. Regular reviews help ensure that your documents remain legally sound and have not been altered or damaged in any way.
Will Proper Estate Planning Prevent Probate?
Yes, proper estate planning aims to prevent probate. By having the appropriate tools in place, you can ensure that any assets that need to go through probate will ultimately be managed by the designated trust.
Do I Need A Dallas Texas Estate Planning Attorney Or Can I Use An Online Estate Planning Service?
While online estate planning services may be convenient, they carry certain risks. These services often lack the personalized attention and in-depth strategy sessions provided by a private attorney. Furthermore, online services may produce documents that are not tailored to your specific needs.
It is also crucial to ensure that the documents are properly notarized and witnessed, which can be difficult to achieve without professional guidance. A private attorney with malpractice insurance offers more security and expertise when creating your estate plan.
Does Estate Planning Offer Asset Protection As Well?
Estate planning can provide asset protection, although a revocable living trust alone does not serve as an asset protection trust. Additional strategies, such as creating an LLC, can be employed to protect assets from creditors.
In Texas, certain assets like homesteads, insurance policies, annuities, and IRAs, are protected under state law. An LLC can safeguard other investments and inherited assets from judgment creditors, offering an extra layer of protection. Other options, like limited partnerships and series LLCs, can also be utilized for asset protection.